Prior to opening his hardware shop as banker

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Academic approach to Opportunity cost

Bob runs a hardware store in Montana. His inventory costs him $75,000. Prior to opening his hardware store, Bob worked as an investment banker earning $175,000 per year. He pays his employees $150,000 per year. Economists would say Bob's cost of running the hardware store is $225,000 per year.

Reference no: EM1326229

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